ONGC in talks with domestic shipyards for two offshore rigs

India's Oil and Natural Gas Corp (ONGC) is initiating discussions with domestic shipyards to construct two offshore jack-up drilling rigs, costing approximately $500-550 million. This investment aims to replace ONGC's aging rigs, some over four decades old, and bolster Indian shipyards' capacity to build advanced offshore rigs, a capability dormant since 1990.